Moving home can be one of the biggest expenses of your life. As well as removal costs and estate agency fees you often have to pay stamp duty and other legal fees. And, as house prices rise, some of these costs rise at the same pace.
New research from a leading bank has found that the total amount Brits spent on moving home in 2013 reached 6.6 billion, up from 5.2 billion in 2012. Keep reading to find out more.
Average cost of moving home now 8,248
Research from Lloyd’s Bank has found that a rise in moving costs and an increase in home sales has pushed up the average cost of moving house to 8,248. This rise also take into account increases in stamp duty, estate agency fees and legal fees. The average amount spent on stamp duty and estate agency fees now standing at 2,001 and 3,601 respectively.
In the last decade, the total cost of moving has increased by nearly a quarter, compared to house price rises of almost a third.
The research found that moving in London and the South East is even more expensive, with the average cost now 20,825 and 16,187 respectively. The average home mover in London pays 10,850 in stamp duty and 6,510 in estate agency fees.
And, the South East has seen the highest rise in the cost of moving over the last decade, with an 85 per cent increase from 8,773 to 16,187. The most affordable place to move house is in Northern Ireland, where the average cost is 4,253 – the cost of moving in Northern Ireland has fallen by 15 per cent, mainly as the value of many homes has fallen below the stamp duty threshold.
Marc Page, Lloyd’s Bank mortgages director, said:”The cost of moving can be an expensive one, and rising house prices have had an impact on this with more property sales now within higher stamp duty brackets. On top of the costs of moving, home movers also need to consider the costs involved with changing mortgages, such as product and administration fees.
“However, as earnings have also risen in the last ten years at a higher rate than the cost of moving, at a national level the relative cost of relocating to a new property is actually lower than it was in 2003.”